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With Our 1000 Personnel We Attend to Customers 24hrs, Says Opay

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By Ben Atonko 

Vice President Central Partnership, Nigerian-based fintech company, Opay, Justin Zhang has said customer satisfaction is the pillar of the Chinese-backed company.

The Vice President who spoke after receiving the award of Most Innovative Company of Year (Fintech) presented by the DAILY ASSET newspaper in Abuja said with 1,000 personnel and branches across Nigeria, Opay offers customers timely services.

 

“Customers can reach us 24 hours on our hotlines, social media with their complaints and 99 percent of problems are resolved online.

Zhang who espoused the philosophy of the company as Financial Inclusion noted that while many banks target the rich, Opay is for those with small income, especially in the rural areas.

 

“Opay is a mobile money operator and this is the future of the business,” he stated.

He said unlike banks that need to open branches, recruit staff and maintain security which make the business costly and difficult, Opay relies on the cellular phone to do its business.

“We’re using technology. With your mobile phone, you can do transfers making the cost of banking very low,” he maintained.

The Publisher/ Editor-in-Chief of DAILY ASSET newspaper, Dr Cletus Akwaya told the Opay Vice President that apart from publishing news , the company engages in business development as well.

According to him, Opay Digital Services was selected for honours by the Editorial board of Daily Asset newspaper based on what customers say about Opay. 

He said, “We unearthed facts about Opay. It’s not only to find faults but to also identify good corporate behaviuor and give reward.”

The payment and financial service company last year recorded 30 million registered app users in Nigeria thereby becoming very popular when cash crunch hit the country following the government naira redesign policy. 

Opay became a lifesaver in instances where traditional banks could not meet customers’ demands.

Customers’ complaints have been mainly about incomplete transfers which are dealt with within 24 hours, the company said.

Highpoints at the award ceremony were the reading of Opay’s profile and achievements and presentation of the plaque to it.

Also a new magazine in the stable of Asset Newspapers Limited, Treasure was presented to the Fintwch company. Similarly a new book published by the company,’Truth Is Treasure’ a collection of selected editorials of the Newspaper was also prese Ted to the Opay management.

The 7th DAILY ASSET Annual awards held Febeuary 8, in Abuja at a grand event at the NICON Luxury. However, Opay management was unavoidably absent necessitating Friday’s event.

Present at the event were Opay Executive Director, Government Relations, Dr Maxwell Loko; Government Relations Manager, Mohammed Sani; and Officer Government Relations, Genevieve Godwin.

On the Daily Asset side were: Chairman Editorial Board, Donald Andoor; Chief Operating Officer, Eddy Ochigbo; Manager Advert, Annie Igba and Head Operations, Asset Television, Sunday Ayami.

Economy

Naira Makes Huge Recovery, Gains 7.2% Against Dollar

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The Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.

23.

This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.

61 to a dollar before the Sallah holiday.

The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar.

Economic experts have continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.

The CBN, during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases.

This helped tackle dollar scarcity, reduced volatility, and decreased reliance on parallel markets. (NAN)

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Business News

Afreximbank Closes $282 million India-focused Club Deal

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By Tony Obiechina, Abuja 

The African Export-Import Bank (Afreximbank) has announced the successful completion of a first-of-its-kind India-focussed club deal for US$282.00 million.

Initiated for the exclusive participation of Indian lenders, and arranged by Bank of Africa UK PLC, the primary syndicated club deal saw participation from Indian lenders through their overseas branches and subsidiaries in the Dubai International Financial Centre in the United Arab Emirates, Singapore and Mauritius.

The facility, which was backed by six participating banks and financial institutions, including five that joined as first-time lenders to Afreximbank, helping the Bank achieve its objective of diversifying its funding sources, carries a three-year tenor.

At a commemorative event held in Dubai, U.A.E., to mark the conclusion of the deal, Haytham ElMaayergi, Executive Vice President at Afreximbank, said that the conclusion of the initiative represented a major milestone for the Bank as it sought to fulfil the key objectives of its funding programme.

Highlighting the importance of investing in, and for, Africa, Mr. ElMaayergi said: “this facility will help Afreximbank to continue to play a major role in the development of intra-African trade and trade between Africa and the rest of the world, particularly with India. 

It is a testament to the rapid growth in Africa’s economic relationship with India and is evidence of Afreximbank’s growing ability to harness resources into Africa and to fund trade finance related investments that would have a positive impact on trade between Africa and India.”

Chandi Mwenebungu, Director and Group Treasurer of Afreximbank, reviewing the Bank’s vision for Africa, said that its funding objectives included achieving the diversification of its liability book by geography, investor type and tenor.

Also addressing guests at the event were Said Adren, CEO of Bank of Africa UK PLC, who thanked the lenders for their participation, and Zineb Tamtaoui, General Manager of Bank of Africa, Dubai Branch, who expressed appreciation for the opportunity to put together “a landmark deal that would be a stepping stone to many India-focused club deals going forward.”

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Business News

Geregu Power Earns N50.4bn From Electricity Sales, Capacity Charges 

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By Tony Obiechina, Abuja 

Geregu Power Plc has generated N50.4bn on electricity sales and capacity charges to Nigerians in the first quarter of 2024.

The power company which is the first listed power company of the Nigerian Exchange Ltd disclosed the performance in its Q1, 2024 financial statement.

The company grew its Q1 revenue by 225 per cent from N14.

2bn in 2023 to N50.
4bn in 2023.

A breakdown reveals that Geregu Power sold energy worth N31bn and received N19bn as revenue from capacity charge.

Recall that the power company posted an annual revenue of N82.9bn in the full year of 2023 but it has covered half of the amount in Q1.

The revenue was above the company’s forecast for Q1 2024 when it projected its revenue to rise to N31.24bn.

Geregu Power recorded a profit before tax of N21.9bn up from the N5.3bn recorded in Q1 of last year, reflecting 307.8 per cent growth.

During the period underreview, the company saw its profit after tax rose by 307.3 per cent to N14.46bn from N3.54bn recorded in Q1 of last year. In the full year 2023, the company made N16.1bn net profit.

The net profit was above the company projection of N5.5bn. 

Geregu Power took an income tax charge of N7.43bn, up from the N1.8bn in Q1 2023. The tax charges were higher than the N2.7bn projected for Q1 2024.

The company also spent N21.5bn on the cost of sales involving gas supply and transportation, up from the N6.6bn spent on gas supply and transportation in Q1 2023.

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